Discussion #1

1. According to the textbook, the subject of statistics involves much more than numerical facts. In a broader sense, statistics is the art and science of collecting, analyzing, presenting, and interpreting data. Particularly in business and economics, the information provided by collecting, analyzing, presenting, and interpreting data gives managers and decision-makers a better understanding of the business and economic environment and thus enables them to make more informed and better decisions. You have just graduated from college and have decided that you are going to start your own business. Please state the type of business that you would start. However, you realize that you will need funding to start the business. You can obtain funding from investors in your company or a loan from a bank. In either case, you will have to convince the investors or the bank officials to finance your company. FOR EACH OF THE SUB-TOPICS BELOW SUCH AS A, B, C, ETC., PLEASE BE SURE TO INCLUDE 6 - 8 SENTENCES TO ADEQUATELY ADDRESS EACH SUBTOPIC.

a. How would you use data to convince the investors/bank officials to finance your company? Be sure to include descriptions of the specific data related to your company. (Review a business plan online to see the type of information bank officials/investors would be interested in).

b. Defend the use of a particular type of data and the source of the data to help you get the funding. Be specific and provide the details to support your response. Be sure to read the textbook on the type and sources of data.

c. How would you combine tabular, graphical, and numerical data to achieve your overall goal? Provide specific examples and be sure to explain the company-related data that would be more suited to the particular display. Speculate on the importance of data presentation in business decisions.

d. Review the article below on data presentation, state the most important aspects of the article, and specifically how the article would help you improve your chances of getting financing for your company.

Why scientists need to be better at data visualization.pdf Download Why scientists need to be better at data visualization.pdf

e. Speculate on the ways in which you as a business owner, might use statistical inference to help in getting funding for your new business venture.

f. In recent years, the word "Analytics" has been used extensively in professional sports in the US. Provide a few brief examples of ways in which analytics has been used in professional sports. Consider now a small or medium size business owner. How could the business owner benefit from analytics while considering the very limited budgets that business owners have to conduct research and gather data?

2. Seasonal influenza (flu) viruses are detected year-round in the United States. Flu viruses typically circulate during the fall and winter during what's known as the flu season. The exact timing and duration of flu seasons vary, but flu activity often begins to increase in October. Most of the time flu activity peaks between December and February, although significant activity can last as late as May. Since the start of the COVID pandemic, the timing and duration of flu activity have been less predictable. In the United States, flu season usually occurs in the fall and winter. While influenza viruses spread year-round, most of the time flu activitypeaksbetween December and February. The overall health impact (e.g., infections, hospitalizations, and deaths) of flu varies from season to season. FOR EACH OF THE SUB-TOPICS BELOW SUCH AS A, B, C, ETC., PLEASE BE SURE TO INCLUDE 6 - 8 SENTENCES TO ADEQUATELY ADDRESS EACH SUBTOPIC.

a. Go to a reputable online site and retrieve the number of deaths caused by the flu in the US in 2022 or in the past 12 months. State whether you believe the number of deaths reported is correct, too low, or too high. Provide reasons and support for your answers.

b. Go to a reputable online site and retrieve the number of deaths caused by Covid-19 in the US in 2022 or in the past 12 months. State whether you believe the number of deaths reported is correct, too low, or too high. Provide reasons and support for your answers. Is your opinion of the Covid-19 deaths the same as your opinion of the flu deaths? Explain the reason for any difference.

c. Read a background article on the issues related to the accurate reporting of Covid-19 deaths during the early and peak stages of the pandemic. Design a plan that you would use to collect and analyze data related to Covid-19 (or any other contagious disease) to ensure you could correctly respond to topics "a" and "b" above, regarding the number of people who have died from Covid-19 (or any other contagious disease). Be sure to include the source of your data etc. Describe some of the challenges in obtaining data on the number of deaths from disease versus obtaining data on the number of deaths from traffic accidents for example.

d. It's almost certain that the US and other countries will face national crises in the future. What would you suggest as alternative measures to avoid any ethical issues related to data analysis and data reporting?

e. Review the section on ethical guidelines in statistics in the textbook as well as the following article. Evaluate the actions of individuals (news media, politicians, corporations, etc.) who provide information to the US public based on data and address the actions of the individuals according to the guidelines in the textbook and the article below.

EthicalGuidelines.pdf